Hello. we use camera for taking photos which is main ingredients of newspaper which is our manufacturing product. However the AO does not allow additional depreciation for new cameras. Is it correct.

Hello. we use camera for taking photos which is main ingredients of newspaper which is our manufacturing product. However the AO does not allow additional depreciation for new cameras. Is it correct. more

Helpful Business Accounting and Taxation Jun 26

Viewed by 34

Ankit Agrawal

Venkat ji, any fixed asset used for business purpose will be elegible for depreciation. if you use camera in your personal income tax file and the income generated is from photography, then also depreciation will be put more

Jun 27

SUBHASH PARAKH (Chartered Accountants)

Good Luck. Under Maharashtra VAT set off on various purchases made by newpapers are not allowed. more

Jun 26

Venkateswaran Mariyappan

we avail additional depreciation for new machines which is used for manufacturing newspaper and it is accepted by AO. more

Jun 26

SUBHASH PARAKH (Chartered Accountants)

Newspaper may not be a manufacturing otherwise you shall be liable for sales tax, excise and service tax. more

Jun 26

Post a Comment

Income Tax Refund
Can someone update me on the Income Tax Refund status this year please. I filed my ITR in mid-Sept but have not got back any refund as yet.

By Neeru Sood

/
Accounts Outsourcing Service
Hello friends. Please suggest a competent CA firm for outsourcing all accounting and filing work related to IT and GST for a small company, preferably based in South Delhi or Gurgaon

By PRADEEP T

/
Cash payment limits Rs. 10,000/-
May I enquire from an expert among the group your guidance on two things, It is heard that cash payment limit is reduced to Rs. 10,000/- as against Rs. 20,000/- from April 01. Is is right.

By Tsering Phuntsok

/
Post offices do not pay more than 20,000 in cash.
I have a TDS in post office for 5 years. When I visited there to withdraw the interest the concern clerk told that there is no provision to give the interest in cash for more than 20,000/-. He was ...

By Gaurav Mittal

/
i have a registered ngo and a pan card attached to it, but the brochure who did registration and all, entered the wrong spelling of name in pan card, it has been more than two years, now i wish to ...

By Mani Dubey

/
NEW PROPOSALS BUDGET 2017.
I submit the following proposal to Hon.Fin.Min. Please study and comment.

By Kv Venkata Chalam

/
ICAI internal memo
While ICAI members shouldnt indulge in illegal practices of converting black to white at the sam time they shouldnt behave like bhakts. Dont derail demonetisation but dont praise when the going is ...

By Naina Mittal

/
PSB BABUS CREATED FILTH ROBBED YET WE FACE DEMONET
DEMONETIZATION ONLY TO BAILOUT PSBs, hiding the PSB babus' filth:- PIL In the scenario created in the mean time in the Nation of India, several evils have cropped up against h...

By H Ahuja

/
Why most black money holders are doomed
Real estate firms or jewellers may not accept cash unless it is at a good discount, for they will have to declare it to the banks and pay taxes. So there is no easy option to convert it via real es...

By Mohit Jain

/
New steps after current situation.
Exchange of Rs.500:Rs.1000 being given new Currency. Govt to take some immediate steps. 1. No cash transaction Rs.1,00,000/- above in all aspects. 2. PAN compulsory for Rs.1 lak & above transac...

By Kv Venkata Chalam

/
A senior CA's opinion
I am sharing this in view of prevalent panic created by certain media over imposition of penalty on unaccounted cash of high denominations that are deposited into bank, I give my professional opini...

By Naina Mittal

/